Economy
FG Slashes Cost of Business Registration to N5,000 for 90 Days
By Dipo Olowookere
The amount charged by the Corporate Affairs Commission (CAC) to register a business in Nigeria has now been reduced from N10,000 to N5,000.
This information was made known in a statement issued on Tuesday, October 2, 2018, by Mr Laolu Akande, spokesman of the Vice President, Mr Yemi Osinbajo.
According to him, the Vice President, while speaking at an event in Enugu, explained that the gesture was mainly to further ease the process of registering Micro, Small and Medium Enterprises (MSMEs) in the country.
However, he said the rate was only applicable during a 90-day special window, which starts from October 1 to Dec 31, 2018.
“It was observed during some of the earlier editions of the MSME Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.
“The practice since we began the MSME clinics is that most agencies offer price reductions especially for registration, and all other pre-investment approvals, during the Clinics.
“So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission (CAC), has approved a special window of 90 days from October 1 to Dec 31, 2018, to register businesses at a considerably reduced rate of N5000 only, down from as much as N10,000 previously. This will afford more MSMEs an opportunity to formalize their businesses,” the Vice President was quoted as saying at the launch of the 19th edition of the National MSMEs Clinics in Enugu on Tuesday.
Speaking on other initiatives by the Federal Government designed to consolidate the gains of the MSMEs Clinics, Mr Osinbajo said, “We will be establishing shared facilities for MSMEs based on a partnership between the Federal Government, interested States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of our efforts at deepening the impact of the Clinics.”
“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. MSMEs can then do their businesses at those locations at a reasonable cost.
“This way, MSMEs are spared the financial burden of having to buy their own equipment in order to be able to do business. Where possible, these shared facilities would have been pre-certified by relevant agencies, removing the need for MSMEs to pursue these certifications by themselves,” the Vice President added.
He also announced the Federal Government’s willingness to partner with State governments in establishing more One-Stop Shops, to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies.
According to him, “we are also aware that some States have gone on to set up ‘One-Stop Shops’ after the Clinics. These One-Stop Shops bring all the relevant agencies together in one place so as to enable the MSMEs access their services on an on-going basis.
“The Federal Government is also willing to partner with your State Government to immediately set up one such place for the good use of MSMEs in Enugu State.”
Mr Osinbajo also said there were follow-up plans to “ensure that all the finalists from the maiden edition of the MSME Awards are supported with publicity and media exposure, to enable them to reach even larger markets at home and abroad.”
He stated that the ongoing disbursement of collateral and interest-free loans given to petty traders under the GEEP TraderMoni programme would soon be launched in Enugu.
Earlier in his remarks, Governor Ifeanyi, Ugwuanyi of Enugu said the State government had already keyed into some of the social investment programmes initiated by the Federal Government, assuring that the State would continue to cooperate with all federal authorities to improve the well-being of the people.
He thanked the Federal Government for the launch of the National MSMEs Clinics in the state, noting that it would greatly improve the lives of many youths especially those seeking employment opportunities.
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to raise its oil output quotas by 206,000 barrels per day for May.
Eight members of OPEC+, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to the increase in May quota at a virtual meeting on Sunday, OPEC+ said in a statement.
However, the rise will be in theory, as its key members are unable to raise production due to the US-Israeli war with Iran, which has affected production.
The war has effectively shut the Strait of Hormuz, the world’s most important oil route, since the end of February and cut exports from some OPEC+ members, including Saudi Arabia, the UAE, Kuwait and Iraq. These are the only countries in the group which were able to significantly raise production even before the conflict began.
Besides the disruptions affecting Gulf members, others, such as Russia, are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine. For Nigeria, even as Africa’s largest producer, it has not been able to keep production quotas steady.
The OPEC+ quota increase of 206,000 barrels per day represents less than 2 per cent of the supply disrupted by the Hormuz closure, but it signals readiness to raise output once the waterway reopens.
Also meeting on Sunday, a separate OPEC+ panel called the Joint Ministerial Monitoring Committee (JMMC), expressed concern about attacks on energy assets, saying they were expensive and time-consuming to repair and so have an impact on supply.
May’s OPEC+ increase is the same as the eight members had agreed for April at their last meeting held on March 1, just as the war began to disrupt oil flows.
A month later, the largest oil supply disruption on record is estimated to have removed as many as 12 to 15 million barrels per day or up to 15 per cent of global supply.
The eight OPEC+ members have raised production quotas by about 2.9 million barrels per day from April 2025 through December 2025, before pausing increases for January to March 2026. The sub-group holds its next meeting on May 3.
Market analysts have warned that oil prices could hit $150 per barrel if the closure of the strait is prolonged and continues, due to damage to energy assets across the critical Middle East region.
As of the time of this report, Brent crude is trading at $108 per barrel, below the US West Texas Intermediate (WTI) crude at $109 per barrel.
By Adedapo Adesanya
Workers at Seplat Energy will resume work after a strike action that impacted production was called off by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the weekend, with the company issuing written commitments on pay rises.
Top employees began an indefinite strike last Friday as talks over a collective bargaining agreement and staff welfare issues broke down. The action came at a time when Nigeria is seeking to maximise production amid rising global oil prices.
According to Reuters, in an April 4 letter to the chief executive of Seplat Nigeria, Mr Roger Brown, PENGASSAN said it had directed members at the local energy firm to immediately suspend industrial action after negotiations resumed with the Nigerian National Petroleum Company (NNPC) Limited. Other less-skilled workers are covered by the Nigeria Labour Congress (NLC) and did not partake in the strike with PENGASSAN.
The union said talks on a 2026 collective bargaining agreement would continue, with the aim of concluding outstanding issues by April 13. However, according to the publication, the union did not disclose more details about its financial demands.
“We can confirm that the union has suspended its notice of industrial action to allow negotiations to conclude on outstanding items within an agreed framework,” Seplat spokesperson, Mr Ogechukwu Udeagha, said, adding that “operations are recommencing at our various locations.”
Seplat Energy’s group production averaged 131,506 barrels of oil equivalent per day in 2025, according to its latest audited results. That is the equivalent of around 7 per cent–9 per cent of Nigeria’s total liquids production.
The company expects output to rise to 155,000 barrels of oil equivalent per day, making any sustained disruption particularly sensitive for Nigeria’s supply outlook. This comes as it seeks to scale production while remaining a major supplier of gas to Nigeria’s domestic power market.
With the company’s output expected to rise, any prolonged disruption would have significantly impacted Nigeria’s oil supply and fiscal outlook.
By Dipo Olowookere
The weekly turnover of the Nigerian Exchange (NGX) Limited shrank by 27.70 per cent or 1.094 billion equities, partly due to the inability of market participants to trade last Friday as a result of the Good Friday public holiday declared by the federal government.
In the week, investors bought and sold 2.856 billion equities worth N113.597 billion in 215,287 deals versus the 3.950 billion equities valued at N201.312 billion transacted in 359,642 deals in the preceding week.
The activity chart was led by the financial services industry with 1.811 billion shares valued at N61.901 billion in 86,818 deals, contributing 63.41 per cent and 54.49 per cent to the total trading volume and value, respectively.
The services sector traded 299.895 million stocks worth N2.966 billion in 13,797 deals, and the ICT segment exchanged 183.233 million equities for N14.654 billion in 25,287 deals.
Wema Bank, Access Holdings, and Secure Electronic Technology accounted for 734.659 million shares worth N14.134 billion in 12,319 deals, contributing 25.72 per cent and 12.44 per cent to the total trading volume and value apiece.
Data from the NGX said 29 stocks gained weight versus 47 stocks of the previous week, as 57 shares lost weight versus 45 shares in the preceding week, while 62 equities closed flat versus 56 equities a week earlier.
Multiverse led the gainers’ chart after it gained 20.66 per cent to trade at N20.15, UPDC REIT appreciated by 15.49 per cent to N8.20, International Energy Insurance chalked up 12.54 per cent to quote at N3.32, Austin Laz grew by 10.47 per cent to N4.43, and Unilever Nigeria rose by 10.00 per cent to N103.40.
Conversely, Secure Electronic Technology topped the losers’ table after it lost 21.54 per cent to close at N1.02, John Holt declined by 18.47 per cent to N15.45, May and Baker depreciated by 16.57 per cent to N35.00, Aluminium Extrusion moderated by 16.27 per cent to N10.55, and Legend Internet slipped by 16.00 per cent to N6.30.
Business Post reports that the All-Share Index (ASI) was up by 0.39 per cent to 201,698,89 points, and the market capitalisation rose by 0.65 per cent to N129.806 trillion.
In the same vein, all other indices finished higher apart from the main board, insurance, MERI Value, consumer goods, industrial goods and growth indices, which went down by 0.29 per cent, 4.25 per cent, 0.36 per cent, 1.74 per cent, 0.24 per cent, and 0.06 per cent, respectively, while the sovereign bond index closed flat.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn